5/10/2020, 2:29 AM (Source: TeleTrader)
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Bitcoin drops 15%, trades close to $8,000

The price of bitcoin fell as much as 15% and almost declined to $8,000 after jumping over the past week. The move comes ahead of Monday's halving which will be the third such event in the history of the most famous cryptocurrency.

The halving is expected to take place around 8 pm ET on Monday as estimates show. The number of bitcoins rewarded per block is halved every 210,000 blocks until the total number of bitcoins hits 21 million. This year's halving will bring the number of rewarded bitcoins per block to 6.25 from the previous 12.5. When halvings took place earlier, bitcoin prices surged exponentially.

Bitcoin went for $8,522.2, falling 10.60% at 8:27 pm ET. However, it remains 7.10% higher for the week and 31.90% higher over the past month.

Baha Breaking News (BBN) / VP